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Uncertainty, investment and productivity with relational contracts

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  • James Malcomson

Abstract

This paper shows that, in the presence of relational contracts, an increase in uncertainty with no change in factor prices reduces capital investment and productivity in the long run even if the parties are otherwise risk neutral.

Suggested Citation

  • James Malcomson, 2021. "Uncertainty, investment and productivity with relational contracts," Economics Series Working Papers 940 JEL classification: C, University of Oxford, Department of Economics.
    • Handle: RePEc:oxf:wpaper:940
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    File URL: https://ora.ox.ac.uk/objects/uuid:47c05914-ddeb-4d83-b08b-393916ede627
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    Cited by:

    1. W. Bentley MacLeod & James M. Malcomson, 2023. "Implicit Contracts, Incentive Compatibility, and Involuntary Unemployment: Thirty Years On," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 179(3-4), pages 470-499.
    2. Francesc Dilmé & Daniel F. Garrett, 2023. "Relational Contracts: Public versus Private Savings," Econometrica, Econometric Society, vol. 91(3), pages 1025-1075, May.

    More about this item

    Keywords

    General capital; specific capital; investment; relational contracts; risk;
    All these keywords.

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